#United States #Chicago #Periscope Equity #WPAS #Rainier Partners

Periscope Equity's Investment Journey: A Successful Transition

In a recent announcement on December 19, 2024, Periscope Equity, the renowned private equity firm based in Chicago, revealed the successful sale of its investment in Welfare & Pension Administration Service, Inc. (WPAS) to Rainier Partners. This strategic move highlights a significant transition within the realm of Taft-Hartley-focused third-party administration services, which provide essential health, welfare, and pension benefits to union members and their families.

John Findlay, a partner at Periscope Equity, expressed immense pride in WPAS's management team and their dedicated efforts that aligned with the initial vision of the partnership. This vision aimed at establishing WPAS as a leading entity in the Taft-Hartley TPA sector. Findlay noted, "This continues Periscope's track record of partnering and collaborating with founders and leaders to scale and differentiate tech-enabled business services companies."

Periscope Equity acquired WPAS back in 2020, with ambitious plans to accelerate its sales growth, enhance operational processes through technology, and diversify its service offerings. These efforts have resulted in a remarkable transformation, with the company growing its workforce by over 75 employees and successfully opening four new offices nationwide during the partnership's duration. Adam Keck, CEO of WPAS, highlighted the importance of this collaboration, stating that Periscope introduced a fresh perspective and valuable operational resources that were instrumental in problem-solving and service enhancement.

Under the guidance of Periscope, WPAS achieved remarkable milestones, including the launch of a Managed Care program in 2021, the acquisition of Benefit Program Administrators in 2022, and the establishment of new operational offices across the United States. Joe McIlhattan, Principal at Periscope Equity, extended his congratulations to the WPAS management team for these impressive accomplishments, emphasizing the strategic efforts involved in executing the company's growth plans.

WPAS, established in 1953, stands as a trusted partner for numerous multi-employer benefit plans, helping to ensure that members receive the health and retirement benefits they have rightfully earned. To know more about WPAS, interested parties can visit their official website at www.wpas-inc.com.

Periscope Equity, founded in 2012, specializes in partnering with founder-owned, technology-enabled business services firms. Since its inception, it has built a reputation for investing in businesses with mission-critical service offerings and a history of sustainable profitability. Investing in the future of services, Periscope focuses on providing operational and commercial support that drives investment returns. More information on Periscope can be found at www.periscopeequity.com.

This latest sale not only showcases WPAS's growth trajectory but also reinforces Periscope Equity's commitment to fostering innovative partnerships within the financial services sector. The investment firm’s approach and operational experience have been paramount in enabling WPAS to achieve remarkable results, staying true to their values of Purpose, Accountability, and Service throughout this journey. As WPAS moves forward with Rainier Partners, both firms are poised for continued success in the evolving landscape of employee benefits administration.